I wonder whether the old mill still stands as it did, hidden from view by a thick clump of shade trees! Every summer when we visited my uncle, aunt, and cousins at their farm, going down to explore the old mill was one of our favourite occupations! Perhaps it appealed to us children so much because we had been instructed never to go there. The grown ups felt it was a decrepit, unsafe place and cautioned us to stay away from it. This only added to our trips the extra thrill that goes with forbidden fun. Hon. Members may be aware that under an existing provision in section 197 a of the income tax act, individuals not having any tax liability can obtain payments without deducation of tax at source by furnishing a declaration in writing in duplicate in the prescribed form. I propose to make some modifications to the proposals in the bill relating to deducation of tax at source from certain payments. The requirement to deduct tax from interest on bank deposits will apply only to interest on term deposits other than recurring deposits. Further, cooperative had mortgage banks, cooperative land development banks, primary agricultural credit societies and primary credit will be taken out of the purview of this requirement. We have would thus exclude from the ambit of tax deducation at source most of the depositors from rural areas. Further, I am sure that these modifications will ensure that the small tax payers are not to any harassment as a result of the proposed requirement of deducation of tax at source from bank interest and withdrawals from the national saving scheme. Hon. Members would recall that I had stated in my budget speech that the credit institutions will have the freedom to pass on the burden of interest tax to the borrowers by adjusting suitably the rate of interest. Sir, the bill as it has emerged from the joint select committee, has certainly been one which is much more acceptable to the workers that it was when it was originally moved in this house. Sir, as far as the general principle and the objective of the bill are concerned, it is very laudable, not only because of the fact that the workers in a welfare state are entitled to leisure and are entitled to know exactly the terms and conditions under which they have to work but also becuase of the fact that as far as the transport workers are concerned.
